The Income Tax Department has issued a strict warning to taxpayers. The strict warning is regarding failing to declare foreign assets can lead to a hefty penalty of ₹10 lakh. As the ITR deadline is near, taxpayers with overseas investments or accounts must comply with the disclosure rules under the Black Money (Undisclosed Foreign Income … Read more
The Central Board of Direct Taxes (CBDT) recently announced some good news in the form of an extension of ITR Filing for corporate entities. Initially set for October 31, the deadline now extends to November 15. This adjustment offers corporations additional time to compile necessary documents, review financial records, and ensure accuracy in filing. Why … Read more
The first step when you receive an income tax notice is not to panic. Because it can be a fake one also. There are simple ways to confirm whether the notice is authentic or a fraud. With income tax departments issuing notices online, scammers have found opportunities to trick people. Let’s learn how to spot … Read more
ITR Filing on time is essential and there can be some situations when taxpayers might miss the deadline. However, you can still claim an income tax refund if you are eligible for one after you file ITR after the deadline. Let us know how. Filing a Belated ITR If you missed the initial ITR filing … Read more
ITR Filing is a crucial task for every taxpayer in India. Doing ITR Filing means you are complying with tax laws in India. And, as a result, you get lots of benefits. However, you have to face certain challenges also. In this article, will understand both advantages and disadvantages of Income Tax Return Filing, specifically … Read more
Act Details: Title: Finance Act, 2024 Act Number: Act 8 of 2024 Published in: Gazette of India on 16 February 2024. Commencement Status: The Act has not commenced as of its publication date. Purpose: The Act is designed to continue the existing rates of income tax for the financial year 2024-2025, provide certain reliefs to … Read more
Understanding deductions under Section 80 of the Income Tax Act is crucial so you can benefit completely from ITR Filing. In this article, you will know all about deduction under section 80 from ITR Filing perspective which will help you get tax benefits. Section 80C Maximum Deduction: You can claim a maximum deduction of ₹1.5 … Read more
The Hindu Undivided Family (HUF) is a well-established mechanism for tax planning in India. In this article, we will explore the complexities of HUFs, including their formation, essential components, taxation aspects, and the substantial tax-saving advantages they provide. Understanding the HUF: Karta, Coparceners, and Members Karta At the heart of every Hindu Undivided Family (HUF) … Read more
Understanding the income tax slabs for the financial year 2024-25 (assessment year 2025-26) is crucial for you before ITR Filing. Both the old and new tax regimes offer different benefits. Thus, taxpayers can choose the tax regime as per their own financial needs and understanding. Let’s understand the latest income tax slabs for FY 2024-25 … Read more
As a taxpayer in India, you can choose the tax regime. There are two options. Old Tax Regime and New Tax Regime. Both these tax regimes have their own unique benefits. Thus, it is important for you to understand Income Tax Slabs FY 2023-24 & AY 2024-25 before doing ITR Filing. Old Regime Tax Rates … Read more